Flexitanks Market Set to Surge at 14.3 % CAGR, to Reach US$ 1.2 billion by 2031 | Transparency Market Research, Inc.
Transparency Market Research
5 min read
Transparency Market Research
Flexitank demand is expected to increase due to technological advancements and a demand for sustainable materials.
Wilmington, Delaware, United States, Jan. 10, 2024 (GLOBE NEWSWIRE) -- Flexitanks Market Set to Surge at 14.3 % CAGR, to Reach US$ 1.2 billion by 2031 | Transparency Market Research, Inc.
Flexitank demand is expected to increase due to technological advancements and a demand for sustainable materials.
Transparency Market Research Inc. - The flexitanks industry was valued at US$ 384.4 million in 2022. From 2023 to 2031, the market is predicted to increase at 14.3% CAGR and total US$ 1.2 billion during the forecast period. As flexitank technology advances, including materials, designs, and manufacturing processes, they will become more efficient, safe, and sustainable, making them more appealing to customers.
Flexitanks could be affected by changes in regulations for liquid transportation and environmental concerns. The industry's future may depend on compliance with evolving standards. The flexitank industry might get eco-friendlier with increased awareness and emphasis on sustainability. The more sustainable practices a company adopts and promotes, the more competitive it will be. Flexitanks may become more appealing in different regions and industries as companies strive to optimize their supply chains and reduce transportation costs.
Flexitank technology is advancing, such as in materials and design innovations, which might further increase their performance and reliability, thereby expanding their market. With flexitanks, supply chain logistics can be optimized by reducing the need for packaging, storage, and handling, resulting in increased efficiency.
Tanks with multiple layers are becoming increasingly popular around the world.
Pharmaceutical and healthcare industries use liquid detergents heavily to maintain hygienic conditions.
In 2020, Malaysia produced 25.8% of global palm oil and exported 34.3%.
A significant portion of the global flexitanks market came from Asia Pacific in 2022.
Global Flexitanks Market: Growth Drivers
Flexitanks are relatively easier to handle and install than bulk liquid transport containers. The ease of use can result in a reduction in labor and time costs. Flexitanks are often considered an efficient alternative to traditional liquid shipping methods. The cost of transportation can be reduced compared to other methods of transporting bulk liquids. The versatility of these products makes them appealing to a wide range of industries.
Flexitanks offer greater space efficiency than conventional drums and intermediate bulk containers (IBCs). As a result of this efficiency, a single shipment can transport more liquid. Single-use products reduce cleaning requirements and contamination risks. Increasing global trade will drive the need for cost-effective, efficient shipping methods. Flexitanks are one such solution. Liquids can be transported across borders with flexitanks.
Flexitanks can provide an alternative solution to the transportation of liquids in compliance with certain regulations. Flexitanks may offer a compliant solution to various industries requiring regulatory compliance.
Global Flexitanks Market: Key Players
Recent flexitanks market analysis reveals that leading players are expanding their global footprint and increasing their market share by launching new products and acquisitions. In response to an increasing demand worldwide for liquid cargo flexi-systems, they have increased production and invested in research and development.
Asia Pacific is expected to lead the market for flexitanks. As the economy and industries in the Asia Pacific grow, flexitanks are in high demand, especially to transport chemicals and industrial liquids. Trade and export-oriented industries are major hubs in the Asia Pacific. With the region's active involvement in global trade, bulk liquid transportation solutions, such as flexitanks, will likely become more necessary.
Agriculture and edible oils are major exports from the region. Flexitanks are often used to transport liquid commodities as agricultural exports dominate Asia Pacific countries. Flexitanks can be needed to transport a variety of chemicals and related products to Asia Pacific, including China and India. The Asia Pacific region is developing infrastructure, so flexitanks can help transport adhesives, specialty chemicals, coatings, and other liquids related to construction.
As the region's food and beverage industries grow, demand for flexitanks may also increase. The most common use of flexitanks is for transporting liquids suitable for human consumption, such as wines, juices, and edible oils. Regulatory changes, including those related to liquid transportation, can influence flexitank demand. To meet regulatory requirements, flexitanks that comply with these standards may be in greater demand.
More Trending Report by Transparency Market Research:
Chemical Warehousing Market- The global hydroelectric cells market stood at US$ 15.3 Bn in 2021 and is projected to reach US$ 22.1 Bn by 2031.
Hybrid Electrolyte Market- The industry was valued at US$ 22.5 Mn in 2021. It is estimated to grow at a CAGR of 11.4 % from 2022 to 2031 and reach US$ 65.5 Mn by the end of 2031
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
